It includes each and every aspect
of financial activity in the business. Financial Management has been
defined differently by different scholars. A few of the definitions
are being reproduced below:-
“Financial Management is
an area of financial decision making harmonizing individual motives
and enterprise goals.”- Weston and Brigam.
Management is the application of the planning and control functions
to the finance function.”-
Howard and Upton.
Management is the operational activity of a business that is
responsible for obtaining and effectively, utilizing the funds
necessary for efficient operations.”- Joseph and
the above definitions, it is clear that financial management is that
specialised activity which is responsible for obtaining and
affectively utilizing the funds for the efficient functioning of the
business and, therefor, it includes financial planning, financial
administration and financial control.